Lincoln National Life Insurance Company, owned by Lincoln Financial group, is another quality company with great financial strength and that’s been around for over 100 years.
Lincoln National has purchased or merged with several other insurance companies over the years, companies like Jefferson-Pilot Life, American Guardian Life (one of the originators of term life insurance), Guarantee Life and First Penn Pacific Life.
Lincoln National’s most competitive term life insurance product is called TermAccel and they have a second term product called LifeElement Level Term.
They also offer other types of life insurance including variable universal Life, indexed UL and guaranteed universal life insurance.
Lincoln National Life Insurance With Quick Approval
TermAccel is only available for people ages 18 to 50, rated Preferred Plus to table 4, at amounts from $100,000 to $500,000 and they only offer 15, 20 and 30 year term.
The TermAccel rates are more competitively priced than Lincoln National’s LifeElement level premium term rates at amounts up to $500k.
TermAccel is also supposed to be a much quicker fully electronic underwriting process for which no medical records will ever be ordered.
Quick And Easy NO Exam Term Life Insurance
While you could be approved for the TermAccel products without having to have an insurance exam, this no exam process only applies to people with no major medical conditions and that are within certain height/weight guidelines (example below).
- 5′ 0″ – 94 – 158 lbs
- 5′ 3″ – 104 – 175 lbs
- 5′ 6″ – 114 – 192 lbs
- 5′ 9″ – 125 – 209 lbs
- 6′ 0″ – 136 – 228 lbs
- 6′ 3″ – 148 – 248 lbs
- 6′ 6″ – 159 – 267 lbs
There is also non-medical criteria that could require you to have a blood/urine test and free exam, like use of tobacco products, parent or sibling death from cardiovascular disease or stroke before age 60, bankruptcy in last 5 years, history of DUI or distracted driving convictions in last 5 years, history of multiple moving violations in last 3 years and hazardous activities.
If you are required to have a mini-exam, it can be completed at your home or work at a time that is good for you.
Lincoln National Life Element Level Term
Lincoln National also offers another competitive term life product called LifeElement term
With guaranteed level rates from 10 to 30 years, LifeElement term is extremely competitive at amounts of $1,000,000 and up.
Checkout these $1,000,000, $3,000,000 and $5,000,000- 10, 15, 20 and 30 year guaranteed level term insurance rates for male and female age 50. These are ANNUAL rates:
Male $1 Million $3 Million $5 Million
10 Year: $861 $2,409 $3,955
15 Year: $1,222 $3,486 $5,750
20 Year: $1,624 $4,731 $7,825
30 Year: $2,924 $8,592 $14,260
Female $1 Million $3 Million $5 Million
10 Year: $717 $1,989 $3,255
15 Year: $899 $2,517 $4,135
20 Year: $1,173 $3,339 $5,505
30 Year: $2,118 $6,306 $10,450
The above are some of the lowest term rates in the country at these million dollar plus amounts.
Lincoln National Life Term Conversion
Regardless of what anyone tells you, buying a term life insurance policy with the lowest cost is not always best.
Having a great conversion option (or automatic extension option) that requires no new underwriting, may be something that you’d benefit from greatly at the end of your term.
While Lincoln Life does offer great term rates, their conversion option is not so great after policy year 7 as they put limitations on what products you can convert too after year 7.
Since most people don’t “convert” or extend their coverage until the end of their term, Lincoln National’s conversion is not as good as other companies.
It’s important to not only compare term insurance on price alone, but also on the benefits that are offered.
Lincoln National Lifetime Guaranteed Universal Life
Lincoln National also offers permanent life insurance products with a fairly competitive Guaranteed Universal Life product called Lifetime Guaranteed UL.
Lincoln National is also one of the companies that still offers a “table shave” on their permanent life insurance products, meaning people that are rated up to Table C or 3, can automatically be offered a lower “Standard” or Regular rate.
So if you’ve had mild coronary artery disease that required 1 stent or diabetes diagnosed in mid to later 30’s or later with decent control or other issues which have caused you to be “rated” a table 2 or 3 (B or C), then you may be able to qualify for Standard rates on Lincoln National Life’s Guaranteed Universal Life product.
For people over the age of 60 that are looking for 20 year term or longer and that have had some minor health issues like mild coronary artery disease or diabetes, then Lincoln’s GUL product may have a lower price and be a better value for you than traditional term life insurance.
Bottom Line On Lincoln National Life
If you want low cost term insurance, then you should get a quote from Lincoln Life Insurance Company.
If you don’t want to have an exam, we’ll compare Lincoln’s rates to the other no exam co’s including ANICO, SBLI, Sagicor and more to find you best rate and value.
If you want Guaranteed Universal Life, we’ll compare Lincoln National’s Lifetime Guaranteed UL to their competitors including American National, Pacific Life, Symetra Life, Penn Mutual, North American Company and more…
If you have questions about Lincoln National Corporation or if you’d like quotes, please call us at 1-800-380-3533 or click here to email us or simply click link above and complete the information and we’ll email you with accurate quotes.